SKOLKOVO, June 7. /TASS/. Russia and Saudi Arabia may potentially invest billions of dollars into implementation of joint oil projects, Russian Energy Minister Alexander Novak told TASS on Wednesday.

"I can only say in expert terms these may be fairly huge investments - billions of dollars," the minister said.

It was reported earlier Saudi Arabia and Russian companies are discussing a range of joint oil and gas projects. Russia will send business missions to Saudi Arabia, Novak said earlier.

Establishment of joint research centers on development and implementation of technologies in the field of oil and gas production, oilfield services and transportation of hydrocarbons are among promising projects, the minister said earlier.